Lucas Baynes is an investment strategist in the Investment Strategy Group at Vanguard, specializing in multi-asset portfolio construction. He has been developing and analyzing several model portfolio and single-fund solutions globally, including the Vanguard Retirement Income ETF in Canada and the Target Retirement fund range. More broadly, Lucas has conducted research into topics such as factor investing, market timing and global diversification and active-passive blending. Lucas holds a BSc in accounting and finance from the University of Bath.
The authors apply k-means clustering to low interest rate periods in order to analyze the equity hedging property of government bonds.